As an aside, this is the first time in 16 months that HSBC/Markit's PMI has topped the Government's official print (payback for a good IPO?) but we note below what has happened each time in the past that this has happened...

With Q2's massive 4x GDP growth surge in total social financing, and the huge 16.4% surge in local government spending in Q2 (6.1% in June alone) compared to a 4% decline in tax revenues; it appears the dragging forward of everything to ensure centrally-planned focused stimulus had the desired outcome has extended (for now) into July's preliminary data.

As we concluded previously, what is clear is that, taking the numbers at face value, debt levels are still rising with destructive rapidity in order to achieve even such spotty results as these.

Coming from the broadest perspective, Nominal GDP in the June quarter was an annualized CNY4.7 trillion greater than that of a year a year ago, but in that like period the stock of ‘total social financing' outstanding mounted almost four times as much, or by CNY17.7 trillion.

This is nothing more than a bunch of government debt financed fucking work programs. More ghost cities, more container ships, more missiles, more welfare programs more shit more shit more shit. Why didn't someone think of this a long time ago? Humanity has been suffering for no fucking reason... What a fucking joke....